Investec Bank Australia has completed the roll out of its retail bank offering, with the launch this week of a transaction account. It hopes to distinguish the account, Investec One, by paying high interest on balances and providing an overdraft facility.Investec has made a staged entry into retail banking over the past few years, starting with a range of savings products, including its innovative notice account. In July last year it launched a range of credit cards.Investec Australia's head of transactional banking, Brent Zurowski, said these developments did not mean the bank was going after a broad "mass affluent" market.Zurowski said: "This is about providing more services to our existing customer base, which includes accountants, medical practitioners, other high-income earning professionals and high net worth individuals."Investec operates its retail banking service on a relationship model and it has added a 24-hour call centre.Customers will be issued a Visa PayWave debit card.The interest rate on balances is 2.25 per cent. Investec has a launch offer of 3.75 per cent (variable) for six months on balances of up to A$250,000.Zurowski said the bank had opted not to join an ATM network. Instead, it is offering five free withdrawals each month on Commonwealth Bank, Westpac, St George, NAB and ANZ branded ATMs.Unlike Citibank and HSBC, which have drawn on their global networks to offer transaction accounts with lots of international features that appeal to frequent travellers, Investec is keeping its product offering close to home. The account has no monthly account keeping fee and no minimum balance.